Business name: Easy Park App
Opportunity: I saw an opportunity here where I live in Gainesville. Parking here is terrible, and I always find myself driving around for up to an hour looking for a parking spot. So many of my friends who live in the area have experienced this problem, too. Many of us have parking decals, but they over-sell them to the point where the spaces get over-crowded, so many people are not able to find a spot. My parents come to visit me during game day weekends and notice this problem too. They will often have to pay upwards of $20 for parking even though their parking spots are over a half a mile away from the stadium. People who have this need can include people who live in high-volume areas, people who attend big events such as sports games or concerts, and people who work in downtown areas with few areas to park. These people are forced to drive around for longer than they want to, they have to pay parking tickets, or they have to pay to be able to park. I think this opportunity is pretty big because many people have this need, especially where I live. I think this window of opportunity will be open for a long time, especially if no one else comes out with a similar idea.
Innovation: My idea to solve the problem of not being able to find places to park is to create an app that can assist with this. The app will have a map of all parking areas in the area, along with plenty of other information. Information attached to each area of parking will include the laws and restrictions on the parking spaces, such as whether you need a decal or a permit to park there. Another thing that will be included in each listing of parking spaces is whether or not the parking is free, and if it isn't, it will include the price. How the app will get updated is through its users. Users will be able to add to the listings and will be able to report any inaccurate information. They will also be able to comment on each listing with any additional information that might be beneficial for other users to know. Through this app, users will be able to find parking that they might not have thought of/known existed. They will also be able to find the cheapest areas to park, and they'll be able to figure out which spots they are not allowed to park in before they even get there. The app will sell for a small one-time fee of $3.99. There will also be ad banners in the app to generate more revenue. The $3.99 price tag is a small price to pay considering how much money the user could save by using the app.
Venture Concept: This app would help users find cheaper parking that is as close as possible to where they need to be. Users might discover new lots and spaces that they didn't know of or know existed. I think customers would use my app because it can save them money and time. I think my low price point is important because if it were too expensive people wouldn't be able to justify spending that much on an app. I think it's also important that my app is well-designed so that it is easy to use. I would hire an app developer because I wouldn't know how to make an app. I would also have a business partner to help with obtaining resources and money to start up the business. I might also employ someone to help me with the financial aspects of running this app because I don't know much about business finance.
Three minor elements:
- I think the most important resource would be a business partner. I think this is the most important because they're bringing several resources to the table that I otherwise wouldn't have. They would also contribute financially to help start up the business and help run the business. They could also provide ideas for the app that I might not have though of, and had experiences with the need that I might not have had.
- I think that what's next for the venture would be to partner with companies with unused parking spaces and offer premium subscriptions through my app to be able to park there. This would be a recurring fee, most likely a monthly fee. The companies offering up these spots would have a new source of income that they probably wouldn't have gotten without our customers. It would be easier for them to let our app do the work and have the subscription go through our app.
- In five years, I would want my app to be used nation wide in bigger cities. I would want to be partnered with many businesses in offering subscriptions to my customers for premium parking spots. My first venture would help me achieve my vision because it would teach me so much about running a business and it would open doors to knew business ventures, like the premium subscription idea I discussed previously, to exploit even more opportunities.
Hi Kimberly,
ReplyDeleteYou did a really great job describing your opportunity in depth. I think the details and back story really allow us to understand why and how this is such a big opportunity. Using your description, I think anyone outside of Gainesville could tell there is a problem that needs to be fixed. In your venture, you mentioned having a business partner, but remember that you would most likely be splitting the overall profit. I think expanding on the specifics and goals of this business partner would be helpful in considering if this is necessary. I think that expanding your app to other locations and companies would be really cool and useful and really get the word out about your company. Overall I really like the idea and think this is a great opportunity!
Your idea is an innovation that would be valuable to Gainesville. I'm sure something like this already exists elsewhere, and getting in contact with someone already in this business would be very useful. The idea of premium subscriptions for parking is a great idea, but it seems like that person should just rent out that parking space then, because you would be having to pay the owner of the spot anyway. So, I am curious about what the profits of that would look like.
ReplyDeleteHi Kimberly,
ReplyDeleteYour details are very extraordinary, as I see it is very well-fleshed out. I still agree with the idea that your resource partner is essential because they allow you to comprehend your plans better and provide insightful resources that you might not have thought about yourself! Overall, great job on listing out your opportunity because I was able to comprehend it further and see why you find it appealing and how it can work!
Hi! From the moment you changed your business venture to this, I could definitely see that it was a better fit. The detail that you went into here is amazing. I could very well see this idea progressing and becoming an actuality on campus. I have to agree with you, that a business partner would be essential for continuing the process of this venture. This opportunity is really great!
ReplyDelete